Semtech (NASDAQ:SMTC) Given New $68.00 Price Target at Benchmark

Semtech (NASDAQ:SMTC) had its target price reduced by Benchmark from $82.00 to $68.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other equities analysts have also recently issued research reports about the company. UBS Group started coverage on Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 target price for the company. Robert W. Baird decreased their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Stifel Nicolaus set a $60.00 target price on Semtech in a research note on Monday, March 10th. B. Riley raised their price target on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Northland Securities boosted their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and a consensus target price of $61.55.

Semtech Price Performance

NASDAQ SMTC opened at $39.60 on Friday. The stock’s 50-day moving average is $51.73 and its 200-day moving average is $51.29. Semtech has a one year low of $21.56 and a one year high of $79.52. The firm has a market cap of $3.00 billion, a P/E ratio of -3.03, a P/E/G ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. During the same period in the previous year, the firm posted ($0.06) EPS. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. Equities analysts anticipate that Semtech will post -0.02 EPS for the current year.

Insider Buying and Selling at Semtech

In related news, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. This represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,637 shares of company stock worth $1,472,726 over the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Semtech

Hedge funds have recently modified their holdings of the stock. Amalgamated Bank raised its holdings in Semtech by 10.1% in the 3rd quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock valued at $991,000 after acquiring an additional 1,995 shares during the period. Principal Financial Group Inc. lifted its holdings in Semtech by 10.5% during the 3rd quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock worth $16,187,000 after purchasing an additional 33,606 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in Semtech in the 3rd quarter valued at $201,000. Victory Capital Management Inc. grew its holdings in Semtech by 130.7% in the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after buying an additional 466,868 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in Semtech by 27.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,855 shares of the semiconductor company’s stock worth $678,000 after buying an additional 3,222 shares during the period.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.